Home Renovations
that
Pay You Back
By Jeff Tompkins
In my hometown of Denver, like most large metropolitan cities across the
United States, homes are sitting on the market longer and longer because
there is a glut of homes for sale. In a buyer's market then, how do you make
your home more attractive, how do you make it stand out amongst the herd?
One way is to add renovations to your home that set it apart from your
neighbors' homes. Yes, renovations can be expensive, but sometimes you can
not only recoup your investment, you can also recoup over what you paid for
the renovation! According to Money magazine, here are the top three
renovations for making your home more appealing, along with some practical
ideas of what to do in each:
Kitchen redos - 75% of homeowners rate a walk-in pantry as desirable or
essential; kitchens need to be open, maybe get rid of a wall; wood floors;
wine coolers built-in; nice wood cabinets; in major cities it recoups
90-130% of the cost to put it in when you sell; water-filtration systems;
stone countertops with ceramic backsplashes; double-tub stainless-steel
sink; islands; built-in microwave; custom lighting; garbage disposal;
ventilation system over stove.
Bathroom redos - Again, recoups 90-140% in major cities; multiple
showerheads; whirlpool tub; double sinks; ceramic tile floor; skylights;
walled-off toilet; glass encased shower
Decks - Recoups 100-250% of cost; nice built-in outdoor grill; storage
cabinets; good landscaping; built-in bench and planters; outdoor fridge; hot
tub; covered area of deck; porch swing; arbor.
Ok, but most of us don't want to spend the big bucks on renovating a major
part of our homes. Here are some small things you can also do to make the
home more appealing:
New front door - makes a great first impression; glass with side panels; a
screen-door can also be a nice addition in those parts of the country where
you can open your door a get a nice breeze
Crown molding - relatively inexpensive for parts and labor, and adds a nice
finished look to dining rooms, living rooms, etc.
Hardwood floors - use a hardwood floor patterned laminate, it's cheaper and
doesn't need waxing.
Built-in shelving - whether it's bedroom closet shelving (systems you can
find at The Container Store, Organized Living, etc.), to built in
bookshelves, buyers find these attractive and means they have less furniture
they need to bring in or buy; you would be surprised how much worth people
put on a well-organized master closet with lots of storage space!
(c) Copyright 2005 Jeff Tompkins. All rights reserved.
Jeff Tompkins is owner and president of Teacher's Funding Group, LLC, a
Colorado mortgage broker that specializes in providing home financing to
those in the education industry and all those who need it. Visit
http://www.teachersfunding.com/
for more information.
Read Jeff Tomkins article "What Your Real Estate Agent Won't Tell You."
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New driveway for a small front yard with no entry
sidewalk.
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Jeanette Fisher's